SemiAnalysis Projects NVIDIA Could Hold $1.4 Trillion in Cash by Fiscal 2031

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Research firm SemiAnalysis projects that NVIDIA could accumulate roughly $1.4 trillion in cash and investments by fiscal 2031, an analyst projection rather than a reported balance-sheet figure. The estimate rests on consensus expectations of about $441 billion in EBITDA for fiscal 2028 alone, extrapolated across the rest of the decade, and on a cash engine that has grown from $28.09 billion in operating cash flow for the year ended January 31, 2024, to $64.09 billion a year later and $102.72 billion for the year ended January 31, 2026. NVIDIA's most recent quarter delivered $96.22 billion in revenue, up 105.8% year over year, with net income of $59.69 billion and a non-GAAP gross margin of 75.0%, while total assets reached $320.27 billion as of July 31, 2026, against total debt of just $38.86 billion. CFO Colette Kress guided Q3 fiscal 2027 revenue to $108.0 billion, plus or minus 2%, and said NVIDIA expects fiscal 2028 revenue to grow approximately 70%. The company has mobilized over $500 billion in third-party capital for AI infrastructure with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, and SemiAnalysis frames cumulative AI infrastructure spending at roughly $11 trillion from 2024 through 2029, much of it debt-financed, which would place NVIDIA at the top of that capital stack as both supplier and financier. Wall Street remains behind the compounding thesis, with 57 buy or strong buy ratings against three hold or sell ratings and a $327.65 analyst target price, though SemiAnalysis cautions that the $1.4 trillion figure is a modeled outcome and that slowing GPU demand, margin compression or fresh export restrictions could pull the terminal number down.

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SemiAnalysis projects NVIDIA could accumulate ~$1.4T in cash by fiscal 2031, backed by strong EBITDA, cash flow, and a $327.65 analyst target.

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